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to what the president said today and what speaker john boehner said last week. listen to this. >> you've said that the wealthiest must pay more. would closing loopholes instead of raising rates for them sty y satisfy you? >> i think there are loopholes that should be closed and we should look at how we can make the process of deductions, the filing process easier, simpler, but when it comes to the top 2%, what i'm not going to do is to extend further a tax cut for folks who don't need it. >> raising tax rates is unacceptable and frankly, it couldn't even pass the house. >> well, it feels like a dÉjÀ vu all over again. somebody is going to have to blink or we go over the fiscal cliff. my next guest knows all about fiscal cliff uncertainty and its effect on the individual investor. walter bettinger is ceo of charles schwab. the market certainly feels pessimistic. we are looking at another 200-point decline today. the market is down 5% since the president was re-elected. what are you hearing from clients? >> clients are really concerned. there is pessimism among investors. there's grea
? >> sue, i expect him to be conciliatory and reaching out to republicans the way john boehner has tried to strike that mode on capitol hill. two different white house specialists just told me the president will walk out here and announce he's invited the bipartisan leadership of congress to the white house next week to begin talks on the fiscal cliff. i have to think there is a possibility that they can really make some headway, if not solve the problem before the end of the year. at least get started on a solution when you have john boehner talking about raising revenue, not just revenue from growth but revenue from actually raising more money from people at the top. that is a place where the white house potentially could find some common ground, guys. >> did he really say that, john? because as i was listening to it, i was listening for the signals that suggested that what the speaker said day before yesterday and then today was -- is he really going to go for more revenue as an active part of tax reform, or more revenue merely as a derivative of greater economic growth? >> i think th
there was john boehner drawing the line not against tax increases, but increases in tax rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know from ernst & young 700,000 jobs would be destroyed. we also know that it would slow down our economy. >> president obama from his part came into the east room. he also drew a line, but the line he drew was not insisting on higher tax rates but on higher tax revenues. >>> i'm not wedded to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges, but i refuse to accept any approach that isn't balanced. >> so, larry, balance is the key for president obama, not necessarily increases in tax rates. signs of conciliation on both sides and late this afternoon the bipartisan policy center which has been pushing for a simpson bowles-type solution said they were encouraged by the flexibility shown on both side says. john harwood, appreciate it and let's get reaction, and we have republican whip senator joh
twice what they negotiated with john boehner unsuccessfully over a year ago. are you willing to give the government $1.6 trillion of private money, and if you did, what in the hell would they do with it? that's the part i don't get. what would they do with all that money? >> not only that, but let me ask america this. where do you have the money to give to the government? if you want to tax the wealthy, then you tax money that goes to investment in businesses, in venture capital, investments that the wealthy take for the middle class. this government and this administration had a choice to make after the election. do you run center, play a clinton move or do you run hard left? we are seeing the obama that i predicted is going to run hard left. he wants to tax the wealthy. by the way, how do you compromise by first telling someone that you need to come to my position, then give me something else and maybe i'll compromise with you? barack obama is not interested in compromise. keith, you just contradicted yourselves. >> mitch mcconnell has been the guy out there saying it, and all repu
appearances tomorrow between speaker john boehner and president barack obama. the speaker will address a crowd of reporters at 11:00 in the morning. he will take questions from the press. we're told obama will speak at 1:00 in the east room of the white house and will not take questions from reporters. there will be an audience there, but he will not be taking questions. meanwhile, we're getting this report out today from the cbo, which is laying out the scenario of just how bad things would be if we go over the fiscal cliff. let me give you a couple of the key bullet points here. the cbo saying if we go over the cliff the gdp would drop by 0.5% in 2013. it could decline in the first half of the year, but then renewed growth later in the year. and the unemployment rate would rise to 9.1% if we go over the fiscal cliff, but ultimately the cbo saying unemployment would decline to 5.5% by 2018. so, larry, this sets the backdrop for the dueling appearances between boehner first then president obama later in the day. tomorrow the question is, can these two men come back to the deal they were doing
the ever looming fiscal cliff. u.s. house speaker john boehner said he'd pursue a deal with president obama that would include higher taxes under quote/unquote the right conditions to help reduce the country's looming fiscal cliff. and just when new york city thought it was all over, a nor'easter has smacked the tri-state area overnight. dumping inches of snow over some of hurricane sandy's hardest hit areas. wind and heavy snow have brought down power lines and electrical wires and thousands who lost power because of the last storm just lost it all over again. the storm brought the city to a virtual stand still last night. clean up crews have been working, though, to remove snow and clear the streets. we'll keep you posted on how that is doing as we look forward to the u.s. market opening today. coming up next, though, china's new leader will soon be revealed as the communist party's 18th national congress gets under way, but what does the transition mean for relations with europe? >>> hu jintao calls on china's next leaders to stamp out corruption and nir row the income gap as the communi
and political breakthrough? then if president obama and john boehner can rise above and get a deal done for the fiscal cliff, there is a lot of money that could be made in stocks. and why shouldn't top military and business leaders maintain an honorable code of conduct? isn't it better to have a moral center? general david petraeus is a great man. but he made, unfortunately, a great mistake. first up, are we on the verge for american oil revolution? according to the international energy agency, the u.s. will overtake saudi arabia as the world's largest oil producer that before the year 2020. but -- don't get your hopes completely up as the epa could block this fantastic market-driven advance. nobody better to talk about it is john hofmeister. john, it is a pleasure to have you here. now, is it credible, first of all the report, we will overtake the saudis? >> report is credible. the iea is smart, good analysts. we have the reserves, no question we have the reserves. in the ground today. number two, we have the technology to get the reserves out of the ground. and number three, we have t
taxes to increase. that's why john boehner has such a large majority of republicans in the house of representatives almost probably more americans voted for republican members of the house of representatives than for president obama. he does not have a mandate to raise taxes. >> jared? >> if we postpone it -- go ahead, jared. >> no, please. go ahead. >> if we postpone the tax hikes and the spending cuts for a year, it'll give congress a chance to do some fundamental tax reform that will not hurt the economy, that will bring in more revenues that will make everything more efficient. >> jared, what do you think? does going over the cliff make everyone work harder to get a deal done? >> i think it probably would, but it isn't by any stretch of the imagination an optimal way to go. we should obviously try to solve this before going over. i will say i have a different view, of course, with the election outcomes, including some of the polling results than dia diana. i think a majority of folks in the exit polls said they were perfectly comfortable with the expiration of the upper incom
it was interesting yesterday that john boehner came out and said, look, we want to do a deal, we want to reach across the aisle, get things done. the president as well called his republican counterparts. do you think there's room for compromise here? what do you think happens? >> i don't think i have nearly enough information to say whether there's room for compromise. if i look at actions in history, things that are tangible, i guess my answer would probably be no. do i have some hope? yes, but hope isn't quantifiable. what's quantifiable is today's 30-year bond auction. i'll tell you what. we can talk about europe. it was spectacular. look at the charts, what happened at 1:00. look at the fact that we're at the lowest yields in a couple months in the 30-year. the longest duration instrument, and everybody's racing for a number of reasons. this election definitely maybe was one on social issues, immigration issues, but on the business side, it is clear. things like dodd frank aren't even part of the fiscal live. those issues are going to remain. taxes most likely will be higher. i think the business
the base, simplifying the code. >> both the president and john boehner, the speaker of the house, speak to be drawing lines in the sand. so this is why people are now becoming like senator simpson and sort of giving up a bit on a deal before year end. they're drawing lines in the sand over raising tax rates on the rich. i want you to listen to what they both said yesterday. listen to this. >> you've said that the wealthiest must pay more. would closing loopholes instead of raising rates for them satisfy you? >> i think there are loopholes that can be closed, and we should look at how we can make the process of deductions, the filing process easier, simpler, but when it comes to the top 2%, what i'm not going to do is to extend further a tax cut for folks who don't need it. >> the issue there is we are not going to hurt our economy and make job creation more difficult, which is exactly what that plan would do. there are ways to put revenue on the table without increasing tax rates. >> what's your reaction? >> i'm actually more hopeful than al is. >> you used to be more depressed. what's
it needs to be. folks are going to hold the line and i will tell you why. look at how scripted john boehner had to be when he said revenue. where democrats fell out of their chairs. he had to do it with a t ee teleprompter. >> god bless him. raising tax rates is not the answer to this. >> but you know what, look. i know karen, other democrats believe they got this great mandate. but house republicans believe they got a mandate to put a check and balance on senate democrats as well as the president. so we are going to have to have a compromise for a change. >> we have a mandate and for president obama you would hope that he would start thinking now about what is his legacy and does he want to leave office with a terrible economy. i don't think in year eight he is going to be able to blame george bush. he ought to start thinking about economic growth. this is probably the least harmful way. > exit polls show that that george w. bush hurt romney tremendously. >> the polls are the polls. but the point i'm making in the second term, it is president obama's don mi aeconomy and def. he is going to
obama and john boehner, the speaker of the house. which made me feel like maybe you don't have to be insane to believe you can get a positive resolution here. i'm a cynical guy but even i think the short sellers are being too glib and the longs are too terrified, given the facts on the ground. don't get me wrong. i'm not saying the fiscal cliff will definitely be bridged but things could go right. the democrats and republicans could work together, as crazy as that sounds, and you have to take that possibility of a positive into account. speaking of a fiscal cliff, we have to hear more beyond what we heard today. every minute that goes by without a deal is a minute that could drive us closer to the brink and it colors my whole show now. i'm more sane about bridging the cliff than i was yesterday. but as the son of a veteran, if we don't get a deal soon, i can have a recession gift wrapped by christmas. next week is a very important week for earnings and data. kind of surprising. money is all about home building. the home builders have been the lynch pin of the now forgotten rall
of spending -- if it's combined with spending cuts, as well. all right. let's look at john boehner and see what he had to say. >> let's rise above the disif you think and do the right thing together for our country. >> apparently there are a run on these buttons, too. andrew asked how long do we have to wear these. and i said i got a tattoo. i don't think it's about -- it's right underneath here. >> i don't want to tell you where mine is. >> our says rise above. >> it's the design, too. we're not pushing either side, we're just saying, you know -- >> this is bad for the economy. >> no one like 7.9% unemployment. we don't want 8.9%. >> but the devil is definitely in the details. the former republican governor of michigan in charge of the ceo round table said the one thing boehner has to understand is that he's in the minority. you have two houses, the doesn't matter, but he said you can't say it's my way or the highway. but that's what john boehner seemed to offer. >> and the point was made in the journal, sure, you can put the house in a box and say you're not getting along and get the rat
the fiscal cliff. earlier this week john boehner did the same. take a listen. >> we want you to succeed. let's challenge ourselves to find the common ground that has eluded us. let's rise above the dysfunction and do the right thing together for our country. >>> coming up in the next hour, speaker babier will be giving a news conference live from capitol hill. we'll bring you those comments live and the president speaking in the east room at 1:00. they're calling it a statement. there will be an audience in the room. he might get a question. it's up to him whether or not he wants to answer it but we might know more in a come of hours than what we do now sniet could be a real market movier what he says or doesn't say as well as the countdown to when the president speaks. the nasdaq, it's higher and that's thanks in large part to the massive reversal that we've seen in shares of apple just intraday. apple is now higher by -- call it 1% or more. it's close to the session highs here. so quite a turnaround there from the earlier losses we saw in the session. and we're also seeing a turn 5ur7bd in
the campaign. you have to listen closely to the words used by the principle negotiators. first was john boehner today, who with drew a line not against additional tax revenue but only against the idea of raising top rates. >> listen, the problem with raising tax rates on the wealthiest americans is that more than half of them are small business owners. we know 700 no,000 jobs would b destroyed. we also know it would slow down our economy. >> and by the same token, president obama came out in the east room, and the line he drew was not in favor of higher -- insisting on higher tax rates, it's that we need more tax revenue from people at the top. >> i'm not whetted to every detail of my plan. i'm open to compromise. i'm open to new ideas. i'm committed to solving our fiscal challenges. but i refuse to accept any approach that isn't balanced. >> so the keyword for the president is balanced. but more than one way to get there. maria, just before i came on air, got a statement from the bipartisan policy center in washington, which has been urging the two sides to come together on a simpson-bowles ty
compromise? over the last couple of days, we were all fuzzy. we were all in it together. john boehner coming out saying we are ready for you, mr. president, to lead us. the president saying i'm reaching across the aisle. and here he is today being adamant once again, i'm going to veto any legislation that does extend the cuts for anybody making more than 250 or $200,000. >> yeah, about a 72-hour honeymoon here. i don't think it lasted much longer than that. all those nice words and they fade right into the reality. what we don't know and what's hard for me to understand as i try to figure out the economics of this are the politics of a presidential election. at the end of the day, the balance of power remains almost exactly the same. does the fact the president won an election make his hand any stronger? does it make it the same? does the idea he's not running for office again improve his power or make him weaker? i don't really know the answer to that. i do remember president bush saying he had a mandate, and watching that mandate fizzle as he tried to do social security reform. i'm not sur
. remember this morning john boehner came out and he said some fairly friendly things regarding negotiating the fiscal cliff. if the democrats say some of those things, too, this market is in a position now where it needs to be convinced by lawmakers that there's nothing to fear. they're far from that right now. that could happen. i just don't think it is going to any time in the next couple weeks. that's why i think 2.5 seems reasonable target. >> jim, thank you. jim iourio. >>> to a "market flash." bertha coombs joins us. >> one of the major loelders in krispy kreme has been selling off quite a bit of his stake. the largest holder in krispy kreme with over a 10% stake, we've seen a number of these filings coming through. they filed in september saying they'd reduce their stake by a million shares. but today a lot of these filings come across the tape, they are showing that -- putting some pressure on the tape. >>> you can rent to own a couch. you can rent to own a car. you can rent to own a house. i wonder how far. you can fix your credit rating at the same time. if that weren't enough, c
their decision to let the bush tax cuts on high income earners expire. what we heard from john boehner, the house speaker earlier this week, sort of conflicting remarks on whether p ares would be open to tax increases. the day after the election, he said that revenue increases might be a possibility, but then in interview yesterday, he said basically we're not open to tax increases. so it will be interesting to see how much of a focus the president puts on the issue of revenue increases in his remarks today. >> what impact has the election had on the hard liner republicans? has it made them more malleable? >> it certainly looks like it has early on here. the tone in washington is we lost the election, mitt romney did not win, the american people have spoken. we have to work with this president the next four years and that's different than what we've seen the last year and a half which is we want to do everything we can to make this president a one term president. now that that's not going to happen, republicans don't have much choice, they have to work with this president and the tone here is ver
'll play their hand i think to their full advantage. >> what kind of hand does john boehner have? where sg it leave him and his ability to control the tea party wing? >> it actually puts skron boehner in a good position because during the debt ceiling talks last year, he had a lot of push back from the very far right of his party in the house. the tea party caucus, for example. this time around we won't see the same dynamic at all because the tea party caucus and far right have lost a lot of political capital in light of the election. so what we've already seen is speaker boehner talking to republicans in the house, putting his foot down early and saying we're not going to have that same push back we saw. instead, i'm going to tell you what we're going to do and what this deal is going to look like and you'll fall into line. >> he got criticism because he negotiated a deal and then went back and tried to sell to the party. does he naed to do he need to d way around, get a set position and then go into discussions? >> i think that is the thinking this time around. and he has certainly recog
think they've already agreed to that. you heard john boehner say that already. we've had voteses in the senate where we've gotten rid of tax credits. i think that's a given. and i think that the vast majority of measures agree with that. the question is how do you do that and how do you allow taxes to rise at the same time you fix the real problem and that's uncontrolled entitlement spending and a government that has grown massively. >> i think if the house stands for anything, it's cut government spending as tom coburn said and i think we'll have to do more of it. we heard the mandate in 2010 where it was a clear mandate cut spending and we did, we cut $900 billion in spending that he can't like painful tos us. >> we'll continue our call to rise bol politics and make a deal. oufr guests this morning include mike jackson and also david zaslav. and the head of maris group. and douglas holtz-eakin. >> let's talk about eurozone finance ministers meeting to discuss whether to release a new tranche of fund to go greece. the leaders are not expected it to okay the funding despite greec
movements particularly republicans, john boehner coming out after the election, i get t revenues have to be part of the deal. as george suggested there will be arguments about how you get there but i think when i look at how the politics line up the leverage embedded in going over the cliff and what that means to the president and democrats will push us there. i just want to say macro economically, going over the cliff is a bad thing, no question about it, but going over the cliff and staying over the cliff is a lot worse than going over the cliff and kind of backtracking back up there. >> the bungy. >> the bungy jump. >> we talked about that. >> the slope, the fiscal slope. >> george, where are you on the actual rate itself? there was a conversation boehner said we'll put revenues on the table, keep it at 35%, we'll find the deductions and from the president the first time out he didn't talk about 39.6 and so there was this view amongst some who wanted to hear it somehow he was at the same place and boehner might be willing to do something. i was in d.c. yesterday and others, steve w
of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference today, as well. st. louis fed president james bullard is saying the u.s. economy is strengthening. but he's cautioning that leaders must tackle the looming fiscal cliff. a conversation we can't get away from. speaking in missouri yesterday, bullard also says he doubts the central bank will extend a bond maturity extension program that expires at the end of the year. bullard is not currently a voting member, but he will ebb in 2013. and china's national congress continues with new leaders for the communist party set to be named later this morning. today a rising star said the party is moving towards requiring officials to their their assets. so an interesting piece in the chinese business press this morning. >> we have been talking about the fiscal cliff and -- >> we have? >> and yesterday somebody tweeted a new drinking game. every time they say fiscal cliff, you drink. they're right, but it's absolutely what matters. >> look at the stoc
. this was the secret negotiation between barack obama and john boehner last year. we don't know all of the pieces that were in it. they offered 8$800 billion in revenue and then on the spending cut side they offered $450 billion in cuts to medicare and medication and changes to the way social security benefits are calculated. a lot of things on the table here. big things both tax increases and spending decreases. it's going to take some combination of those to get to a deal here and it's sort of where they go on this menu of options that's going to lead to whether or not they have votes to do it on capitol hill. >> there's a detail there. cut through it for me if you will. a lot of people around seem to suggest that they're going to get this thing tied up really quite quickly. my concern is that obama is beginning to grandstand. if you look at who he's meeting with, it looks like he might be preparing for a huge fight for his legacy, which actually might push us further back than a lot of people have bargained for. >> what you'll see with obama meeting with progressive groups and business leaders
and he's trying to figure out how to get republicans to build on the conciliatory signals that john boehner's been sending. >> we talked earlier this morning about what the "wall street journal" has at the top and the story that a lot of people have been talking about. laying out $1.6 trillion as the baseline for what he'd like to see. double where the talks left off back in the summer of 2011. is this just an opening bid and we expect it will be somewhere in the middle of those two numbers? >> that's what i expect. i don't think you start out by laying out your bottom line. and remember, that's a bottom line that he laid out publicly in september of 2011 after the grand bargain talks were concluded unsuccessfully. so this is -- this is basically no change in his position. and why would he change having just won an election? but i think you're going to see some back and forth. and if question is how much revenue can you get from closing deductions and loopholes and if so, what kind? and do rates need to rise in order to get the revenue you need to make a deal? and i think what he wa
. >>> seconds away, breaking news. are the president and house speaker john boehner working on a fiscal cliff deal? there is some new movement. stocks themselves are spanking politicians to make a deal and avoid recession, the dow down over 4 hundr00 points since the election. and why are liberals trying to legalize pot? is this really what this country needs? the kudlow report is moments away. >> it's not all done in foul weather. after the
Search Results 0 to 26 of about 27 (some duplicates have been removed)